Increasing focus towards environmental sustainability would lead to development of eco-friendly technology based thermal management solutions in coming years. Moreover, components such as powertrain cooling would witness more adoption in next five years, fueling growth of the automotive thermal system market.
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Automotive thermal system market report, published by Allied Market Research forecasts that the global market is estimated to reach $60,000 million by 2022, growing at a CAGR of 7.8% from 2016 - 2022. Asia-Pacific is expected to witness the highest growth rate, owing to rise in demand for automotive thermal management systems in countries such as China, Japan, India, and others.
Increase in usage of advanced HVAC systems in automobiles and rise in propensity to spend on developing economies are major factors that boost the market growth. However, high cost of thermal systems restrains the growth of the market.
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Technological advancements and growth in demand for automotive thermal systems in developing economies are anticipated to generate lucrative business opportunities for market players.
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The HVAC segment accounted for around 55% of the overall market revenue in 2015, and is expected to maintain this trend during the forecast period. Rise in demand for lightweight HVAC systems is expected to provide profitable opportunities to the manufacturers.
The fluid transport segment is projected to account for around 14% of the market by 2022, owing to its increase in usage in high-end and heavy vehicles.
Asia-Pacific accounted for 36% of the global automotive thermal system market share in 2015, and is projected to witness fastest growth during the forecast period. Market growth in the region is supplemented by increase in demand in countries such as China, Japan, and others.
The U.S. and Europe are expected to offer lucrative growth opportunities in the coming years with rise in demand for eco-friendly technology based thermal management systems. Companies that operate in the market focus to strengthen their geographical presence and production capabilities to gain competitive advantage.
Stringent guidelines and environment regulations have led to constant upgradation of the existing systems.
Country wise analysis for North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) is provided in the report.
KEY FINDINGS OF AUTOMOTIVE THERMAL SYSTEM MARKET:
- Asia-Pacific generated maximum revenue in 2015, followed by Europe, and the former is anticipated to witness the highest growth rate.
- HVAC segment accounted for the largest share in 2015.
- Fluid transport segment is expected to witness fastest growth from 2016 to 2022.
Key players profiled in the report are Valeo, Mahle GmbH, Grayson Thermal Systems, Gentherm Inc., and Denso Corporation.
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